(Toronto, March 24) The e-wallet APP Snaplii developed by SnapPay, a top mobile payment provider of North America, made its debut at UBC China Summit, a very influential Canadian event. This APP is well placed to help traditional retailers in the region perform better in customer operation, user acquisition and traffic conversion at a higher efficiency and a lower cost in the course of O&M and growth, while enabling local customers to feel more comfortable with online and off-line consumption payment. With the APP, SnapPay seeks to promote the explorative transformation of Canada’s retail community from traditional forms to mobility and interconnectivity. At the Summit, besides introducing the new e-wallet, SnapPay’s founder and CEO Spencer Xu shared with the participants the commonalities and differences between Canadian and Chinese retail markets, and the trends of Canada’s payment and retail industry in the post-COVID-19 era, as well as the opportunities coming along. Also, he talked about how SnapPay, a “hybrid” start-up business that features a pool of talents from Canada and China and builds on the two countries’ excellent corporate cultural and business practices, has taken root in North America and established and expanded its presence in Canada.
In this era featuring VUCA (volatility, uncertainty, complexity and ambiguity), only changes remain unchanged. In recent years, a range of black swan events, especially the COVID-19, have had a heavy toll on the global economic structures and market models. However, risks and opportunities often come hand in hand. Backed by efficient management, China has gone through the difficult times of the pandemic. The country, while undergoing an economic recovery, is exploring a new normal in the post-COVID-19 era. In China, the digitalization drive scales up amid accelerated changes in business practices and living habits as a result of the pandemic. For example, in the catering industry, an increasing number of restaurants use digital tools like QR code-based food ordering, e-payment and private customer operation to reduce the risk of exposure and prevent infections. By doing so, they can also significantly lower labor and operating costs, acquire higher-quality customers, and perform better in sales. On the other hand, many Chinese consumers have moved into a cashless era as they are now accustomed to going out without carrying a wallet. To Canadian businesses and agencies committed to pandemic containment, the experience of China through exploration and practice is worth drawing on. In view of many facts and trends, all walks of life in the Canadian society, which traditionally prioritize prudence and conservativeness, have come to realize that now is the time that actions must be taken for a transformation. In other words, digital transformation is a trend inevitable in Canada’s retail payment industry. In this context, a range of applications and solutions, designed based on the commonalities and differences in the national reality of Canada and China, have been launched to serve Canada. Snaplii is a typical example per se.
In this climate, the Summit focused on retail innovation, financial venture and cultural exchanges in ways that enable the Canadian academic and industrial community to get a fuller picture of the technological and commercial innovation trend in China. In this sense, the Summit becomes a platform for the exchange of business thinking and the sharing of information between the East and the West. New Oriental’s CEO Michael Yu, the well-known financial writer Song Hongbing, Amazon’s former chief scientist Andreas Weigend, and other representative scholars and business leaders from various fields in Canada and China were invited to the occasion.
As one of the most innovative and influential start-up engaged in mobile finance in Canada, SnapPay was also invited to the Summit for a keynote speech. The e-wallet APP Snaplii was launched at the event. During his thematic sharing, SnapPay’s founder and CEO Spencer Xu noted that, “With the debut of Snaplii, mobile payment, a technology originating in North America yet rapidly becoming sophisticated in the developing world, will go beyond the overseas Chinese community to the larger market of Canada, making high-value services available to retailers and users throughout North America.” Alongside that, Mr. Xu talked about how he grew from an overseas student into an entrepreneur, and then the owner of a start-up in Canada. As a witness to the history of Canada’s retail industry, Xu hoped that he could contribute to the transformation of Canada’s retail payment market as a new immigrant. This is what initially inspired him to found SnapPay. Furthermore, he also deeply appreciated the suffering of retailers and consumers during the pandemic. According to statistics, over 10,000 retailers closed down with a loss of more than 800,000 jobs in Canada, which took an immeasurable toll on the country’s employment, economy and society. By launching Snaplii, SnapPay looks to work with Canadian retailers and consumers, help them go through the difficult times, and jointly explore a new normal in the post-COVID-19 era.
During the last Spring Festival, a traditional festival celebrated by the Chinese people, Snaplii joined hands with seven well-known supermarkets based in Toronto and Vancouver as well as over 30 popular brands in catering, cosmetics, education, fitness and training industries to launch a promotion themed on lucky bags and gift cards designed for the Year of the Ox. The activity effectively boosted the sales performance and word of mouth for the supermarkets, and advanced the branding of the businesses. During the activity, Snaplii helped with the issuance of more than 100,000 digital gift cards and the recovery of hundreds of thousands of Canadian dollars in operating capital within three weeks, covering over 100,000 customers. As part of its efforts to work with more Canadian retailers to tide over the difficult times and help them recover faster after the pandemic, SnapPay plans to launch a Spring Thunder program to supply eligible retailers with payment and collection services that are the most accessible, effective and cost-efficient on a zero-profit basis.
SnapPay is a fast-growing mobile internet company. Within its team, you can easily find top talents from the payment, finance and market operation industries of China and Canada, including former executives and backbone employees of Baidu, Alibaba and Tencent. UBC China Summit also released an on-campus recruitment program, aiming at attracting more excellent overseas Chinese students studying in Canada to join the company. They are expected to be brave in innovation and act as a bridge connecting the two countries. Once the program was launched, the students responded enthusiastically.
For details of the business partnerships of SnapPay, the Spring Thunder program, and the on-campus recruitment program, please contact: